Ex-bankers pay penalties over SEC charges

Source: Omaha World Herald

By Cindy Gonzalez

Three former executives of Nebraska’s former TierOne Bank have been charged with hiding millions of dollars in losses — misleading investors and federal regulators at the height of the nation’s financial crisis.

A fourth man, a son of one of the bankers, was charged along with his father with insider trading.

The alleged civil violations announced Tuesday by the Securities and Exchange Commission are against CEO and Board Chairman Gilbert Lundstrom of Lincoln; President James Laphen of Omaha; chief credit officer Don Langford of Gibsonia, Pa.; and Trevor Lundstrom, the CEO’s son, who lives in Birmingham, Ala.

The Lundstroms and Laphen settled their cases by agreeing to collectively pay nearly $1.2 million, which is subject to approval by the U.S. District Court.